Banks have vital role in fighting financial crime

HSBC, for example, has in place a globally consistent customer due-diligence process. Last year, it spent US$3 billion on regulatory programmes and compliance; its employees went for more than 3.1 million hours of training.

PHOTO: AFP

FINANCIAL crime has in the past had connotations of being "low impact", but this belies the devastating effect it has on people and societies.

It threatens livelihoods, ruins companies and bankrupts individuals. The United Nations Office for Drugs and Crime estimates that between US$800